What is EOS ?

EOS price and capitalization

You will find below the main information concerning the price and the capitalization of EOS within particular :

  • The price: in dollars and in bitcoins, as well as the price variation over the last 24 hours
  • Rank: EOS’s worldwide ranking compared to other Cryptocurrencies (the ranking is based on the market cap or capitalization of each crypto)
  • The market cap: which represents the capitalization of EOS in dollars, i.e. the cumulative value of all outstanding tokens.
  • The volume: which corresponds to the total amount of EOS tokens exchanged over the last 24 hours (in dollars)

What is EOS?

EOS logo

 

The EOS project aims to be, in short, the successor to Ethereum: its creator, Dan Larimer, aims to make it the most important platform for smart contracts and other decentralized applications. Said Dan Larimer has also created Steem and BitShares, two cryptocurrencies that have been more or less successful (Steem has however recently had some financial problems: December 2018).
Initially, many technical details were unclear, and the ICO had generated a lot of suspicions. But this did not prevent the project from being successful: Dan Larimer’s promises allowed him to collect the round sum of 4 billion dollars.

The network was launched in June 2018, and since then, the value of the token has only fallen. But this is not only due to economic conjecture and the fall of Bitcoin: prior to the launch, EOS was swimming against the current and its value had increased. In fact, part of the reason for the drop was the disappointment of users following the implementation of the network. For despite the $4 billion collected (the largest amount ever collected in an ICO) and the time that was taken to develop the system, the network suffered a lot of problems.

How EOS works

The EOS was designed with a special consensus system, the Delegated Proof-of-Stake. It has the advantage of being fast and energy-efficient, but suffers from extremely excessive centralization and tends to set up a kind of oligarchy.

Indeed, there are currently more than 400 delegates, but beware: not all these delegates are authorized to produce blocks. Because the EOS system only allows 21 “block producers”, i.e. the 21 delegates with the most votes among all those existing, to add blocks to the blockchain. This means that most of the delegates will not be able to do much, and those with the most votes will probably not lose this prerogative any time soon.

Of course, with this system, we have far fewer problems with speed and efficiency, but security is greatly reduced: for example, less than a month after the network was set up, one of the block producers, paying more than $10,000 a day, had forgotten to update his server because he had “something else to do”, allowing hackers to carry out a double-spend attack.

In addition, these block producers have absolutely disproportionate prerogatives for an ecosystem that claims to be the most important of all: they can freeze accounts and cancel transactions at will. It is therefore a system that runs counter to the whole philosophy behind the original crypto-actives, which aimed to free people from this kind of problem.

Following the fiasco of the double spending and all the problems encountered, the price of the token has only fallen, both in dollars and satoshis.

How to buy EOS?

However, if you wish to purchase EOS, it is possible on many exchanges, including Binance, Kraken, and Bitfinex.

Buy EOS with eToro

The first platform is the eToro broker. It allows you to buy the EOS token and trade the EOS via CFD within a simple platform, particularly appreciated by beginners.

File:Etoro logo.svg - Wikimedia Commons

Using Binance to Buy EOS

Launched in 2017, Binance is one of the most popular crypto exchanges in terms of trading volume. As a reference for crypto/crypto exchanges (more than 180 crypto-currencies available for trading), Binance has created a fiat gateway service to offer more options to purchase crypto-currencies directly with cash currencies (euros, dollars…) via bank transfer or credit card.

The most popular market pairs (including XLM) on Binance are :

  • EOS/BTC
  • EOS/ETH
  • EOS/BNB
  • EOS/USDT
  • EOS/TUSD
  • EOS/BUSD

As you can see, to get EOS on Binance, you will first need to deposit cryptocurrencies like Bitcoin or Ethereum or buy stablecoins or other cryptocurrencies supported by Binance that you can then exchange for EOS.

👉 Read: Binance Tutorial

File:Binance logo.svg - Wikimedia Commons

Buy Stellar with Kraken

Kraken is one of the oldest crypto exchanges, it was launched in 2011. It is also one of the most appreciated and recognized in the industry – especially in Europe.

Kraken supports a wide range of fiat currencies and cryptocurrencies on its platform, which is very popular with users. There are also several different possible pairs: fiat/crypto, crypto/crypto, and fiat/fiat. On Kraken, it is possible to buy EOS against USD or Bitcoin.

👉 Read more: Kraken Tutorial

Advantages and disadvantages of the EOS project

Advantages

  • Speed
  • Energy-saving compared to traditional blockchains
  • Facilitated implementation of smart contracts

Disadvantages

  • Extreme centralization
  • No protection of users’ private property against block producers
  • Numerous computer vulnerabilities discovered (and probably to be discovered)
  • Departure of several executives (December 2018), in addition to its creator Dan Larimer, wanting to join another project without claiming to leave EOS.

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